证券日报网讯12月12日，方大特钢（600507）在互动平台回答投资者提问时表示，公司将通过精细化管 理发挥低成本、高效益优势，通过自研及外部并购优化公司的产品结构，以及对上下游的产业链整合延 伸等措施增强抗风险能力、平滑业绩波动。 ...

Core Insights - The fourth "Belt and Road" International Industry Cooperation Forum was held in Guangzhou Huangpu, with nearly 500 representatives from various countries discussing the shift in focus from infrastructure and general trade to deeper industrial chain integration, technology standard collaboration, and local capacity building [1][6][9]. Group 1: Forum Highlights - The forum showcased a significant trend in "Belt and Road" cooperation, emphasizing the transition towards more profound industrial chain integration and collaborative innovation [1]. - The "Comprehensive Service Platform for International Development in the Industrial and Information Sector" was launched during the forum, aimed at providing full-process services for Chinese enterprises going abroad, marking a shift from macro guidance to refined empowerment in internationalization policies [4][9]. Group 2: Case Studies and Practices - Guangzhou Development Zone, with over 5,200 foreign enterprises and 330 Fortune 500 projects, is building an innovative network linking global high-end resources through the "Three Cities and One Island" strategy [4]. - Guangzhou Industrial Control Group has established a tire production base in Cambodia with an annual capacity of 12 million semi-steel radial tires, achieving a record of 288 days from startup to the first tire off the line, contributing to local economic growth and industrial upgrading [9]. - EHang Intelligent is transitioning from product export to co-creating rules and standards in advanced air traffic, with plans to operate 100 EH216-S eVTOLs in Thailand by the end of 2026, indicating a move towards higher-level innovation chain collaboration [10]. Group 3: Evolving Cooperation Models - The cooperation model is evolving from mere transactional relationships to partnerships focused on innovation and development, as highlighted by Brazilian representatives expressing interest in knowledge sharing and collaborative innovation in AI and digitalization [11]. - The emphasis on building a more secure and complete supply chain system reflects the growing concern for resilience and safety in global supply chains, particularly in emerging fields like green and digital technologies [11]. - The collaborative standard-setting efforts in emerging industries suggest a potential for China and partner countries to shape new industrial ecosystems together, moving from a position of following to parallel development [11].

编号：2025-014 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他（电话会议） 参与单位名称及 人员姓名 1、中泰证券：陈鼎如、马梦泽、金晓溪 2、银河基金：金寿鹏 3、长城基金：杨维维 4、中金资管：马骁芃 5、新华基金：刘海彬 6、平安基金：胡扬帆 7、金信基金：吉哲 8、前海开源：林汉耀 9、中信建投基金：张婧怡 10、毅达资本：李凡 11、丹寅投资：高骐 12、上海利多星证券投资有限公司：张志珍 13、利多星上海投资管理有限公司：林毅 时间 2025 年 12 月 11 日 地点 济南 上市公司接待 人员姓名 董事会秘书：毕恒恬先生 证券事务专员：刘金昊女士 债券代码：123182 债券简称：广联转债 证券代码：300900 证券简称：广联航空 广联航空工业股份有限公司 投资者关系活动记录表 3、董秘你好，公司可转债的存续期管理与转股推进，如何 与公司长期价值提升形成良性互动？ | | 一、介绍会议基本情况 | | --- | --- | | | 刘金昊女士对公司基本情况进行介绍。 | | | 二、交流互动环节 | | | 交流的主要问题 ...

Group 1 - The core viewpoint of the article is that the company, Jingji Zhino (000048.SZ), is actively developing a comprehensive supply chain by collaborating with major slaughterhouses and retail channels in the Greater Bay Area [1] - The company aims to strengthen its supply chain and further enhance its consumer layout in the future [1]

经济观察报记者 郑晨烨 备受资本市场关注的国产算力产业"A吃A"重组案例——海光信息（688041.SH）拟换股吸收合并中科曙光（603019.SH）——在筹划半年后宣告终止。 12月9日晚间，海光信息与中科曙光同步发布公告，宣布终止筹划重大资产重组事项。受该消息影响，12月10日开盘，中科曙光股价直接封死跌停板，截 至收盘报90.12元/股，总市值回落至1318.56亿元；海光信息股价表现相对平稳，收报218.50元/股，微跌0.36%，总市值5078.68亿元。 针对此次事项终止的具体原因、重组所遭遇的障碍以及后续业务模式的调整，在12月10日召开的终止重大资产重组投资者说明会上，海光信息董事、总经 理沙超群向经济观察报记者做出了详细回应。 市场环境变化与"各方视角" 回溯此次重组的起点，2025年5月26日，海光信息与中科曙光分别发布公告，筹划由海光信息通过向中科曙光全体A股换股股东发行A股股票的方式，换股 吸收合并中科曙光，同时发行A股股票募集配套资金。 根据后续披露的预案，中科曙光的换股价格定为79.26元/股，海光信息的换股价格为143.46元/股，换股比例为0.5525:1（即1股中科曙光换0. ...

公众号记得加星标⭐️，第一时间看推送不会错过。 昨夜晚间，海光信息技术股份有限公司（以下简称"海光信息"或"公司"）发表公告称，同意公司终止 通过向曙光信息产业股份有限公司（以下简称"中科曙光"）全体 A 股换股股东发行 A 股股票的方式 换股吸收合并中科曙光并募集配套资金（以下简称"本次交易"），并授权公司管理层办理本次终止相 关事宜。 海光信息是国内领先的高端处理器设计企业，主营业务为研发、设计和销售应用于服务器、工作站等 计算、存储设备中的高端处理器。中科曙光是海光信息的第一大股东，持股比例为27.96%。作为国 内高端计算机领域的领军企业，中科曙光主要从事高端计算机、存储、安全、数据中心产品的研发及 制造，同时大力发展数字基础设施建设、智能计算等业务。 5月25日晚间，中科曙光与海光信息相继宣布，两家公司拟进行战略重组。 根据公告，本次中科曙光与海光信息的整合，将优化从芯片到软件、系统的产业布局，汇聚信息产业 链上下游优质资源，全面发挥龙头企业引领带动作用，实现产业链"强链补链延链"。 具体而言，中科曙光系统集成能力将增强海光信息高端芯片与计算系统间的技术和应用协同，进一步 推动国产芯片在政务、金融、 ...

Core Viewpoint - The major asset restructuring plan between Haiguang Information and Zhongke Shuguang has been officially terminated due to changes in market conditions and the complexity of the transaction, which was deemed not mature enough for implementation [5][6]. Group 1: Termination of Restructuring - Both companies announced the termination of the major asset restructuring plan on December 9, 2025, with Haiguang Information and Zhongke Shuguang holding board meetings to approve the decision [1][3]. - The termination was based on extensive discussions and research, with both companies emphasizing that the decision was made in the interest of maintaining long-term benefits for the companies and their investors [5][6]. Group 2: Background of the Restructuring - The restructuring plan began in May 2025, with Haiguang Information suspending trading on May 26 and resuming on June 10, during which time they disclosed progress updates [5]. - The original plan involved Haiguang Information issuing A-shares to all A-share shareholders of Zhongke Shuguang at a swap ratio of 0.5525:1, with the intention of absorbing Zhongke Shuguang and raising additional funds [6]. Group 3: Market Impact and Future Plans - Prior to the termination, Haiguang Information had a market capitalization of 315.8 billion yuan, while Zhongke Shuguang was valued at approximately 90.3 billion yuan, totaling over 400 billion yuan [6]. - Following the announcement of the merger, both companies experienced significant increases in market capitalization, with Haiguang Information reaching 509.7 billion yuan and Zhongke Shuguang 146.5 billion yuan, leading to a combined market value of 656.2 billion yuan [7]. - Both companies have committed to not planning any major asset restructuring for at least one month following the termination announcement and will hold an investor briefing on December 10, 2025, to address market concerns [5].

Core Viewpoint - The major asset restructuring between Haiguang Information and Zhongke Shuguang has been officially terminated due to changes in market conditions and the complexity of the transaction [1][4][5] Group 1: Termination of Major Asset Restructuring - Haiguang Information announced the termination of the major asset restructuring plan to absorb Zhongke Shuguang through a share exchange, which was approved by the board with 8 votes in favor [4] - The termination was attributed to the large scale of the transaction, involvement of multiple parties, and significant changes in the market environment since the initial planning [4][5] - Both companies emphasized that the termination does not affect their ongoing collaboration and will continue to focus on high-end chip products and AI solutions [4][5] Group 2: Financial Performance and Dividends - Both companies have announced a mid-term cash dividend plan for 2025, which has been approved by their boards and will be submitted for shareholder approval [12] - Haiguang Information plans to distribute a cash dividend of 0.90 yuan per 10 shares, totaling 209 million yuan, which represents 10.64% of its net profit attributable to shareholders [12] - Zhongke Shuguang intends to distribute a cash dividend of 0.70 yuan per 10 shares, totaling 102 million yuan, which accounts for 10.60% of its net profit attributable to shareholders [12] Group 3: Historical Context and Market Impact - The restructuring plan began in May 2025, with Haiguang Information's shares suspended from trading on May 26 and resumed on June 10, during which due diligence and other preparatory work were conducted [7] - The initial merger aimed to integrate the supply chain and enhance efficiency, leveraging Haiguang's strengths in high-end chip design and Zhongke's capabilities in hardware and cloud computing solutions [8] - Following the announcement of the merger, both companies experienced a significant increase in market capitalization, with Haiguang reaching 509.7 billion yuan and Zhongke 146.5 billion yuan, totaling 656.2 billion yuan [8]

本报记者 肖伟 12月8日晚间，风电结构件领域的国家级专精特新"小巨人"企业湘潭永达机械制造股份有限公司（以下简称"永达股份"） 发布重大资产重组预案，公司拟通过发行股份及支付现金相结合的方式，收购江苏金源高端装备股份有限公司（以下简称"金 源装备"）剩余49%股权，并同步募集配套资金。交易完成后，金源装备将成为永达股份全资子公司，公司在高端锻件领域的 产业链整合与区域布局进一步深化。 预案显示，本次交易标的为葛艳明等股东持有的金源装备49%股权，交易方式采用"发行股份+支付现金"组合模式，同时 拟向不超过35名特定投资者募集配套资金，总额不超过发行股份购买资产交易价格的100%，且发行股份数量不超过交易后公 司总股本的30%。募集资金将主要用于支付现金对价、标的公司项目建设及补充流动资金。 回溯历史交易，永达股份于2024年以6.12亿元现金收购金源装备51%股权，当年10月31日完成交割并纳入合并报表。据 2025年三季报披露，金源装备的并入已显著提升公司业绩。其核心产品高速重载齿轮锻件、齿圈锻件等，广泛应用于风电、工 程机械、轨道交通等高景气领域。 "本次收购是公司深化主业布局的关键一步。"永达股份董事 ...

万洲国际 20251205 摘要 万洲国际预计 2026 年中国生猪市场供强需弱，猪价或低于 2025 年， 利好屠宰及肉制品业务的原材料成本，但整体均价涨幅有限，对以屠宰 和肉制品为主的业务运营是利好的原材料环境。 美国市场方面，万洲国际通过对冲团队管理饲料成本，集中采购确保成 本确定性。肉制品业务受益于产业链整合、品牌组合及效率把控，预计 2026 年猪价回落将利好肉猪价差，提升屠宰业盈利水平。 万洲国际预计 2026 年肉制品利润增速将恢复至中高单位数增长，受益 于猪价回落缓解成本压力。美国屠宰业利润有望提升，因猪价下降利好 肉猪价差。 中国市场四季度销量预计增长，新渠道贡献加大，促销投入增加。2026 年新渠道将带动肉制品销量实现中单位数增长，新渠道销售增速希望达 到 30%或更高。 史密斯菲尔德单独上市后运营管理未变，但股权结构更丰富，派息政策 更明确，承诺每年净利润约 50%派息，提升万洲国际对股东派息的稳定 性和能力。 Q&A 对于 2026 年美国和中国猪价的走势有何预测？ 在美国，我们观察到近期猪肉期货价格有所波动。基于目前的期货价格，预计 2026 年的猪价相较 2025 年会小幅下行。主 ...